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The downgrades are due to higher expected losses for the pool resulting
from anticipated losses from specially serviced and troubled loans.

The affirmations are due to key parameters, including Moody's
loan to value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the Herfindahl Index (Herf), remaining within acceptable
ranges. Based on our current base expected loss, the credit
enhancement levels for the affirmed classes are sufficient to maintain
their current ratings.

Moody's rating action reflects a cumulative base expected loss of
9.7% of the current balance. At last review,
Moody's cumulative base expected loss was 3.8%.
Moody's stressed scenario loss is 20.1% of the current
balance. Moody's provides a current list of base and stress
scenario losses for conduit and fusion CMBS transactions on moodys.com
at http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.
Depending on the timing of loan payoffs and the severity and timing of
losses from specially serviced loans, the credit enhancement level
for investment grade classes could decline below the current levels.
If future performance materially declines, the expected level of
credit enhancement and the priority in the cash flow waterfall may be
insufficient for the current ratings of these classes.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time
to time, Moody's may, if warranted, change these
expectations. Performance that falls outside an acceptable range
of the key parameters may indicate that the collateral's credit
quality is stronger or weaker than Moody's had anticipated during
the current review. Even so, deviation from the expected
range will not necessarily result in a rating action. There may
be mitigating or offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to amortization
and loan payoffs or a decline in subordination due to realized losses.

Primary sources of assumption uncertainty are the current stressed macroeconomic
environment and continuing weakness in the commercial real estate and
lending markets. Moody's currently views the commercial real
estate market as stressed with further performance declines expected in
the industrial, office, and retail sectors. Hotel performance
has begun to rebound, albeit off a very weak base. Multifamily
has also begun to rebound reflecting an improved supply / demand relationship.
The availability of debt capital is improving with terms returning towards
market norms. Job growth and housing price stability will be necessary
precursors to commercial real estate recovery. Overall, Moody's
central global scenario remains "hook-shaped" for 2010
and 2011; we expect overall a sluggish recovery in most of the world's
largest economies, returning to trend growth rate with elevated
fiscal deficits and persistent unemployment levels.

The principal methodology used in this rating was "CMBS: Moody's
Approach to Rating Fusion Transactions" published in April 2005.

In addition to methodologies and research available on moodys.com,
Moody's publishes a weekly summary of structured finance credit,
ratings and methodologies, available to all registered users of
our website, at www.moodys.com/SFQuickCheck.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 level are driven
by property type, Moody's actual and stressed DSCR,
and Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit
model results at the B2 level are driven by a paydown analysis based on
the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity,
is a primary determinant of pool level diversity and has a greater impact
on senior certificates. Other concentrations and correlations may
be considered in our analysis. Based on the model pooled credit
enhancement levels at Aa2 and B2, the remaining conduit classes
are either interpolated between these two data points or determined based
on a multiple or ratio of either of these two data points. For
fusion deals, the credit enhancement for loans with investment-grade
credit estimates is melded with the conduit model credit enhancement into
an overall model result. Fusion loan credit enhancement is based
on the underlying rating of the loan which corresponds to a range of credit
enhancement levels. Actual fusion credit enhancement levels are
selected based on loan level diversity, pool leverage and other
concentrations and correlations within the pool. Negative pooling,
or adding credit enhancement at the underlying rating level, is
incorporated for loans with similar credit estimates in the same transaction.

Moody's ratings are determined by a committee process that considers
both quantitative and qualitative factors. Therefore, the
rating outcome may differ from the model output.

The rating action is a result of Moody's on-going surveillance
of commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of quantitative
tools -- MOST® (Moody's Surveillance Trends) and CMM
(Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review
is summarized in a press release dated February 9, 2009.
Please see the ratings tab on the issuer / entity page on moodys.com
for the last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or financial
instruments related to the monitoring of this transaction in the past
six months.

DEAL PERFORMANCE

As of the October 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 2% to $1.5
billion from $1.53 billion at securitization. The
Certificates are collateralized by 159 mortgage loans ranging in size
from less than 1% to 12% of the pool, with the top
ten loans representing 47% of the pool. The pool includes
four loans with investment grade credit estimates, representing
4% off the pool.

Thirty-six loans, representing 12% of the pool,
are on the master servicer's watchlist. The watchlist includes
loans which meet certain portfolio review guidelines established as part
of the CRE Finance Council (CREFC) monthly reporting package. As
part of our ongoing monitoring of a transaction, Moody's reviews
the watchlist to assess which loans have material issues that could impact
performance.

Ten loans, representing 13% of the pool, are currently
in special servicing. The largest specially serviced loan is the
W Hotel San Diego Loan ($65.0 million -- 4.3%
of the pool), which is secured by a 258 key hotel located in San
Diego, California. The loan was transferred to special servicing
in April 2009 due to imminent default and is currently real estate owned
(REO). The master servicer has recognized a $28.8
million appraisal reduction on the loan. The remaining nine specially
serviced loans are secured by a mix of property types. Moody's
has estimated an aggregate $109 million loss (57% expected
loss on average) for the specially serviced loans.

Moody's has assumed a high default probability for five poorly performing
loans representing 1.6% of the pool and has estimated an
aggregate $4.9 million loss (20% expected loss based
on a 50% probability of default) from these troubled loans.

Based on the most recent remittance statement, Class E through P
have experienced cumulative interest shortfalls totaling $3.2
million. Moody's anticipates that the pool will continue
to experience interest shortfalls because of the high exposure to specially
serviced loans. Interest shortfalls are caused by special servicing
fees, including workout and liquidation fees, appraisal subordinate
entitlement reductions (ASERs) and extraordinary trust expenses.

Moody's was provided with full year 2009 operating results for 88%
of the pool. Excluding specially serviced and troubled loans,
Moody's weighted average LTV for the conduit component is 105%
compared to 133% at Moody's prior review. The previous
review was part of Moody's first quarter 2009 ratings sweep of 2006-2008
vintage CMBS transactions. Moody's net cash flow reflects
a weighted average haircut of 14.9% to the most recently
available net operating income (NOI). Moody's value reflects
a weighted average capitalization rate of 9.6%.

Moody's actual and stressed DSCRs for the performing conduit loans
are 1.39X and 1.04X, respectively, compared
to 1.19X and 0.87X at last review. Moody's
actual DSCR is based on Moody's net cash flow (NCF) and the loan's
actual debt service. Moody's stressed DSCR is based on Moody's
NCF and a 9.25% stressed rate applied to the loan balance.

Moody's uses a variation of Herf to measure diversity of loan size,
where a higher number represents greater diversity. Loan concentration
has an important bearing on potential rating volatility, including
risk of multiple notch downgrades under adverse circumstances.
The credit neutral Herf score is 40. The pool has a Herf of 27,
essentially the same as Moody's prior review.

The largest loan with an investment grade credit estimate is the Lee Harrison
Center Loan ($15.0 million -- 1.0%),
which is secured by a 110,000 square foot retail center located
in Arlington, Virginia. The center was 99% leased
as of December 2009, the same as at securitization. Performance
has improved due to increased rental revenues. Moody's credit
estimate and stressed DSCR are Baa1 and 1.82X, respectively,
compared to Baa3 and 1.39X at securitization. The remaining
three loans with credit estimates, the 461 Fifth Avenue Loan (1.0%),
the City National Bank Building Loan (0.7%), and the
Lincroft Office Center Loan (0.6%), maintain the same
credit estimate as at securitization, Aaa, Baa2, and
Baa3, respectively.

The top three performing conduit loans represent 27% of the pool
balance. The largest loan is the US Bancorp Tower Loan ($186.6
million -- 12.4% of the pool), which is secured
by a 1.1 million square foot office building located in Portland,
Oregon. The property was 93% leased as of June 2010,
essentially the same as securitization. Moody's LTV and stressed
DSCR are 109% and 0.92X, respectively, compared
to 117% and 0.88X at last review.

The second largest loan is the 225 South Sixth Street Loan ($152.5
million -- 10% of the pool), which is secured by a 1.4
million square foot office building located in Minneapolis, Minnesota.
The property was 80% leased as of June 2010 compared to 76%
at securitization. The loan matures in September 2011. Moody's
LTV and stressed DSCR are 120% and 0.83X, respectively,
compared to 145% and 0.71X at last review.

The third largest loan is the Dulles Executive Plaza Loan ($68.8
million -- 4.6% of the pool), which is secured
by a 380,000 square foot office building located in Herndon,
Virginia. The property was 100% leased as of March 2010,
essentially the same as securitization. Lockheed Martin Corporation
(senior unsecured rating Baa1, stable outlook) leases 75%
of the net rentable area (NRA) with 50% of the space expiring in
May 2011. Moody's analysis incorporates a significant downward
adjustment to the borrower's reported NOI to reflect potential volatility
due to near term rollover risk. Moody's LTV and stressed
DSCR are 93% and 1.11X, respectively, compared
to 100% and 1.03X at last review.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following:
parties involved in the ratings, parties not involved in the ratings,
public information, confidential and proprietary Moody's Investors
Service information, and confidential and proprietary Moody's
Analytics' information.

Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
a credit rating.

Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.

Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.

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